A CONSOLIDATION BILL FOR MUNICIPAL FIRE AND POLICE PENSIONS CLEARED THE HOUSE WEDNESDAY.

THE MEASURE MOVES THE STATE’S 649 SEPARATE POLICE AND FIRE PENSION SYSTEMS INTO JUST TWO…ONE FOR POLICE AND ONE FOR FIRE. REPRESENTATIVE JAY HOFFMAN OF BELLEVILLE SAYS THIS WILL REALLY HELP TO PROP UP THE LARGELY UNDERFUNDED PENSIONS.

REPRESENTATIVE ROBYN GABEL SAYS THIS WILL BE A RELIEF TO LOCAL GOVERNMENTS STRUGGLING TO FUND PENSIONS.

IT’S ESTIMATED CONSOLIDATING LOCAL PENSIONS WILL GENERATE 820 MILLION TO TWO AND A HALF BILLION DOLLARS IN ENHANCED RETURNS OVER THE NEXT FIVE YEARS. THE BILL NOW MOVES TO THE SENATE.

HOFFMAN SAYS THIS WILL ALSO GREATLY REDUCE ADMINISTRATIVE COSTS…SINCE EACH PENSION SYSTEM HAS THEIR OWN BOARD. THE BILL NOW MOVES TO THE SENATE.